Oregon Statutes 70.240 – Allocation of distributions of assets
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Distributions of cash or other assets of a limited partnership shall be allocated among the partners and among classes of partners in the manner provided in writing in the partnership agreement. If the partnership agreement does not so provide in writing, distributions shall be made on the basis of the value of the contributions made by each partner, as stated in the partnership records required to be kept pursuant to ORS § 70.050, to the extent they have been received by the partnership and have not been returned. [1985 c.677 § 31; 1987 c.543 § 21]
Terms Used In Oregon Statutes 70.240
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Partner: means a limited or general partner. See Oregon Statutes 70.005
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of the business of the limited partnership. See Oregon Statutes 70.005
DISTRIBUTION AND WITHDRAWAL